June 20, 2017 / 2:19 AM / in 5 months

GRAINS-Wheat climbs 1 pct, up for 4th day as U.S. crop condition declines

    * Wheat up for 4th session as U.S. spring crop suffers
    * Dry weather seen curbing supplies of high-protein wheat

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, June 20 (Reuters) - Chicago wheat futures rose 1
percent on Tuesday, gaining for a fourth consecutive session
with prices underpinned by a further decline in the condition of
the U.S. spring crop following weeks of dry weather.
    Corn edged higher after dropping more than 2 percent in the
last session on pressure from forecasts of improved weather in
the crop's crucial phase of development.
    The Chicago Board of Trade most-active wheat contract
gained 1 percent to $4.71-1/2 a bushel by 0203 GMT. 
    Corn added 0.5 percent to $3.77 a bushel and soybeans 
 gained 0.1 percent to $9.39 a bushel.
    "The crop condition report is supportive for wheat prices,"
said one Australia-based agricultural commodities analyst.
    "We are in a weather market for wheat but a lot of bad
weather news has already been priced into the market."
    The U.S. Department of Agriculture (USDA) rated 41 percent
of the U.S. spring wheat crop as good-to-excellent, down from 45
percent a week earlier. Analysts surveyed by Reuters had
expected an improvement.
    For U.S. winter wheat the good-to-excellent rating stood at
49 percent compared with 50 percent a week ago and below last
year's 61 percent, the agency said after the market closed on
    Russian wheat export prices have risen for a fifth week on
the back of higher global benchmarks and due to a possible late
arrival of the domestic harvest after rainy weather in the
spring, analysts said on Monday.
    High demand from Egypt, the world's largest wheat importer,
and Russia's new rules on strict value-added tax accounting for
the agriculture sector also added to support, they said.
    Corn fell on Monday on an outlook for cooler temperatures in
the Midwest crop belt as the crop nears pollination, a crucial
yield-determining phase that usually occurs in July.
    The USDA rated 67 percent of the U.S. corn crop as
good-to-excellent, unchanged from the previous week. Analysts
surveyed by Reuters on average had expected an improvement of 1
percentage point following rains last week.
    There was a bearish influence from weekly data released on
Friday from the U.S. Commodity Futures Trading Commission
showing that commodity funds slashed their net short position in
CBOT corn by more than 100,000 contracts in the week to June 13.

 Grains prices at  0203 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  471.50  4.50     +0.96%   +3.91%       436.56  79
 CBOT corn   377.00  1.75     +0.47%   -0.66%       373.93  49
 CBOT soy    939.00  1.25     +0.13%   +0.45%       943.28  58
 CBOT rice   11.44   -$0.08   -0.74%   -0.35%       $10.94  62
 WTI crude   44.22   $0.02    +0.05%   -1.16%       $47.64  29
 Euro/dlr    $1.115  -$0.004  -0.38%   +0.10%               
 USD/AUD     0.7589  -0.003   -0.35%   +0.17%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Naveen Thukral; Editing by Joseph Radford and
Richard Pullin)

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